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20VC: Scaling to $122M ARR IPO with $6M in Net Burn, Olo. The Ultimate Journey of Capital Efficiency, What Worked, What Did Not Work and How Leaders Need To Reshape Thinking Around Resource and Attention Allocation

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Apr 29, 2022

Noah Glass, Founder and CEO of Olo, discusses his journey in creating a capital-efficient company that reached $122M ARR with just $6M net burn. He shares the a-ha moment that inspired Olo’s founding and emphasizes the importance of investor support. Noah explores decision-making strategies in balancing urgent tasks and long-term goals, while reflecting on leadership lessons learned through adversity. He also dives into innovative solutions like OloPay, which enhance customer experiences in the restaurant industry.

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ANECDOTE

Olo's Origin

Noah Glass was inspired to create Olo by his experience with a Palm Pilot and a busy coffee shop.
Encouraged by David Frankel, he quit his job and deferred Harvard Business School to pursue Olo.

ADVICE

Embrace the Suck

Embrace discomfort and outlast competitors by integrating into restaurant systems, even if challenging.
This resilience, or "embracing the suck," positions the company for long-term success.

ANECDOTE

Crucible Moment

Olo raised $7M in Series A funding in March 2008, the same day Bear Stearns collapsed.
This necessitated careful cash management and a focus on profitability.

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Noah Glass is the Founder and CEO @ Olo, the interface between restaurants and the on-demand world powering millions of orders per day. Olo is an incredible tale of capital efficiency, at IPO the company had a net burn of just $6M with $122M in ARR. Noah raised from some of the best in the business with names such as David Frankel @ Founder Collective, Danny Meyer, Scott Shleifer @ Tiger Global, all on the cap table. Prior to founding Olo, Noah was International Expansion Manager for Endeavour Global, launching the first African Endeavour affiliate. If that was not enough, Noah is also on the board of Portillo's, Share our Strength and the Culinary Institute for America.

In Today’s Episode with Noah Glass You Will Learn:

1.) The Founding of Olo:

What was the founding a-ha moment for Noah with Olo?
What did David Frankel do that compelled Noah, now was the time to start Olo?
What have been some of Noah's biggest lessons from working with David Frankel?

2.) Capital Efficiency: Scaling to $122M ARR with $6M Net Burn

Why did Noah and the team not raise more money in the early Olo days?
How does Noah advise early founders who are concerned if they do not raise, their competition will?
What are 2-3 of the core levers that allow Olo to be so efficient? What can others learn from them?
What would Noah have done differently fundraise wise, with the benefit of hindsight?

3.) Decision Making: The Secret

What does Noah mean when he says; "capital allocation and attention allocation are intertwined"?
How has Noah changed and evolved his decision-making as a leader?
How does Noah use a CEO coach? What do they discuss? How often? What works? What does not?
What decision did Noah make that proved to be the wrong one? How did he come back from it?

4.) Noah Glass: The Father and Husband

How does Noah do so much as CEO and also not lose an inch on being an amazing father and husband?
What does Noah believe is the secret to a truly successful marriage, while also being public markets CEO?
How has Noah changed as a father and husband over the years? What has worked? What has not worked?

Item’s Mentioned In Today’s Episode with Noah Glass

Noah’s Favourite Book: Setting the Table by Danny Meyer